CSFB gets OK for derivatives in China

CSFB adds to a growing number of banks that have received the go-ahead under a new legal framework on derivatives introduced in March. Other banks that got the green light include Citigroup, China Minsheng Bank, Mizuho Bank, Standard Chartered and the Bank of Communications, while HSBC and Deutsche Bank are awaiting approval.

The derivatives framework enables banks to trade derivatives on their own accounts for profit – previously they were only allowed to use them to hedge. Banks may also n